Mortgages News Today; Rates Picking Up

mortgage rates

Author: SK

Wednesday, August 11th, 2021

After a long streak of declining rates, the previous several days broke that streak. Now, mortgage rates are starting to shift upwards. However, they are still low, which may appear an excellent opportunity to refinance. Without any further ado, let’s check the rates for today.

·       30-year fixed mortgage rate: 3.050% for home purchase and 3.040% for refinance

·       15-year fixed mortgage rate: 2.340% for home purchase and 2.330% for refinance

·       5/1 ARM: 2.800% for home purchase and 2.700% for refinance

·       30-year fixed-rate jumbo mortgage rate: 3.070% for home purchase and 3.050% for refinance

What Are the Mortgage Rates Trendline?

30-year fixed-rate mortgage

Since yesterday, the rates are up by one basis point. However, there is a whopping increase of nine basis points since last week. It certainly appears that the economy is causing interest rates to rise. As the businesses start returning a bit normal, rates are going up due to economic activity. Similarly, the refinance rates are also higher by around ten basis points since last week.

Therefore, the rates are gliding up much faster, and if the situation remains the same, they will go higher unimaginably. Since the rates are still within the benchmark of 3%, you should go ahead and refinance before it’s too late.

15-year fixed-rate mortgage

Since yesterday, there has been no change in the rate, but there is a gradual increase of around eight basis points since last week. While 15-year mortgages are quite exciting and popular, they may also get expensive as the rates take an upward swing. Likewise, the mortgage rates are also up by eight basis points.

You should notice that the rates are still considerably low. Therefore, it’s the best time to go and refinance your mortgages.

5/1 ARM

Surprisingly, there is no change in 5/1 ARM mortgages compared to yesterday or last week. Due to zero fluctuations, 5/1 might appear like an excellent opportunity to purchase.

30-year fixed-rate mortgage

This mortgage works in line with the typical 30-year mortgage. Therefore, there is a huge increase of ten basis points since last week. As a result, they are becoming more expensive and might not excite some borrowers.

Takeaway

It seems like mortgage rates will rise now. However, the FEDs are still keeping their MBS policies and are not changing them. They’ll change them once the labor market starts to flourish and the economy gets better. While the rates must have risen, they are still low, and it could be a great chance to refinance.

Search Rate checkers to get your quotes until it gets too late.